Buying Property in Bulgaria

When you think of Bulgaria, you probably don’t think about buying property, but instead think about the fact that it is in Eastern Europe and you probably don’t know too much about it. However, did you know that home prices in Bulgaria are incredibly cheap, and the country itself is quite beautiful, with a border along the majestic Black Sea?

Bulgaria is located in south-east Europe, with borders against Romania, Serbia, Macedonia, Greece and Turkey. The country is the 16^th largest in Europe, and there are several majestic mountain ranges that make their way through this beautiful country. If mountains are not your thing, then you can relax along the coast of the Black Sea, or stay on the Danubian Plain to the north, and the Upper Thracian Plain to the south. The largest city in Bulgaria is Sofia, where roughly 1,405,000 people live.

Bulgaria is also very diverse in terms of climate. There is snow along the mountains of the Rila, Balkan and Pirin mountain ranges, mild and sunny temperatures along the Black Sea, and a Mediterranean climate along the plains to the north and the south. No matter what type of weather you like, you will be able to find it somewhere in Bulgaria.

In terms of the type of country you are thinking of buying property in, Bulgaria is not as ranked highly as other countries in Europe, but it ranks much better than countries in Asia, South America and Africa. On the Institute for Economics and Peace’s Global Peace Index, Bulgaria ranks 56 out of 144. On the Human Development Index, the country is 61 out of 182. On the Corruption Perception Index, Bulgaria sits at 71 out of 180, while on the Global Competitiveness Report it is 76^th out of 133.

So as you can see, Bulgaria ranks higher than most countries in the world, plus it is a place where you can literally buy a house with nothing more than a credit card. It should come as no surprise then that Bulgaria is growing in popularity as a place to buy a home, with 100 percent capital growth on property investments in the country in just the past year. As a result, prices are beginning to rise, especially in places like Barovets and Pamporovo, two very popular ski resorts within the country. Some areas have seen their housing prices double in just one year, so it is very important that you take advantage of buying a home in Bulgaria before prices get to high. In cities like Varna, Sofia and Barovets, prices are starting to get high, but you can still find plenty of deals if you go out to rural Bulgaria and buy a nice old cottage or home that just needs a bit of renovation. This can be a great investment if it is what you are looking for in Bulgaria.

If you do decide that you want to buy property in Bulgaria, for yourself or as an investment, then the process is pretty much the same as buying a property anywhere else within Europe. You find properties online, have someone you know check out the place, and then make an offer for the place. However, to help with the process, here is quick rundown for you:

1. You should know the reasons that you want to buy a property in Bulgaria. Are you buying property for yourself as a holiday home, is it an investment, or do you just want to have more assets under your name? Once you know why you are buying a home, you can choose the area in Bulgaria that you want to buy the home in.
2. At this point, you will need to establish a Limited Liability Corporation within Bulgaria. The reason for this is that only foreigners who own an LLC can own and buy property within Bulgaria. It is pretty easy to do this within Bulgaria but it should be noted that while in the United States, an LLC prevents you from incurring the debt; this is not the case in Bulgaria. You will be liable for the debts your company incurs.
3. You will need to talk with the Bulgarian government and clear your tourist/visa status with them before you begin to buy the property. You will need to secure a D visa from Bulgaria if you are going to be staying longer than 90 days.
4. Now, you should get a notary public that can oversee the entire transfer of the property. In Bulgaria only notaries can legalize a property sale. In Bulgaria, you will have to pay a two percent tax on the price of the property, and you will have to pay three percent commission. In addition, you will also have to pay lawyer fees so that you can make sure that the entire transfer is legal and proper in Bulgaria.

If you are going to buy property in Bulgaria, you always want to make sure you spend the time and money to get it done right. This is why a lawyer and someone you know in Bulgaria can be very beneficial because they will be able to check out properties for you and help you find a property. If you are buying a home for yourself in Bulgaria, then you will want to check out the property yourself to make sure it meets your needs. Come out to Bulgaria and look at the home and see what it is like. Sending someone to look at the home can help, but they may not look at the things you want them to look at. If you are buying it as an investment, then you do not need to go to Bulgaria to see the home, because you can have a proxy do that for you who knows what people within Bulgaria will want out of their home.

Bulgaria is a beautiful country that you can easily fall in love with given the chance. Check it out and you will not be sorry.

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Buying Property In Turkey

Ownership of the real estate in Turkey, comes under the reciprocity principle for a foreign individual. Those countries which allow the Turkish citizens or legal entities to own property in their country, only their citizens are allowed to purchase real estate in Turkey. Those countries are the United States, Canada, Latin America, Africa and most of countries in Europe.

The price for the real estate has increased after the relaxation in the ownership restrictions for the foreigners under the Law No. 5444. a foreigner can purchase a maximum of 30 hectares (74 acres) of real estate in Turkey. More than 73,000 foreigners have bought real estate in Turkey. Buyers who are mostly from England, Germany and Greece have poured US$10.4 billion into the real estate market over five years (2002-2007). The foreign buyer has no restrictions to buy 10% of property and land in officially zoned areas like cities, resorts and towns etc. Ownership of real estate in Turkey, is prohibited for foreigner in the rural areas and also the immediate vicinity of a military zone.

There are many rules and regulations to be followed by the foreigner investor and the process become little tricky to handle. A lot of real estate agents, brokers and also property advisors are available to guide their customers. A real estate agent normally charges 3% from the buyer and 3% from the seller so the total of that becomes 6% of the whole amount. The registration process takes around nine days to finish. The “title deed of transfer” is released in about three to nine months, after the application is processed to the court. The registration and notary fees, title deed charges, and including the agent’s commission is paid by the buyer and the seller is suppose to pay the stamp duty fee along with the commission of the agent. The roundtrip transaction cost around 9.85% = 10.75 % and it also include the fees of the lawyer, notary public, registration, taxes and agents’ fees. The real estate in Turkey is subject to a change of price after one year, five years and ten years according to the latest available data or house price index, inflation is not adjusted here. As for the annual percentage, change in the house price or index from (2005-2006) or the latest data available on the price index upon yearly basis. After five years the annual percentage change in house price index and house prize is from 2001-2006 and then the price change after every ten year is from the index 1996. A landlord can expect gross annual rental income which is expressed as a percentage of price of purchase of the property.

It is highly recommended to have a solicitor to do the conveyancing, though legally there is no such requirement. For buyers of the real estate in Turkey, the government authorises an interpreter for the notarization of the property. The buyer and the seller’s presence is mandatory at the entry of the title. The economic recession has hit hard the Turkey’s exports manufacturing sectors and the logistic market is badly affected. This has resulted into the real estate in Turkey slowed down in the line with the rest of world. The consumer confidence is again picking up and retail turn over is growing although the growth rate is slower than the last year. Most of the buyers or occupiers of Turkish real estate are re-locating themselves mostly on the less expensive locations like Asian side of Istanbul.

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The Adriatic Sea Dream

Who does not remember that it was only a couple of years ago when the Adriatic regions of what used to be called Yugoslavia was known for all the wrong reasons. All that we got from the media was generally about bloodshed and what came to be known as ethic cleansing. In a little while the former communist republic began disintegrating and small tribal units were seceding and becoming republics on their own, whether they had international support or not.

Talking about the region today and mentioning places like Montenegro you will elicit a completely new set of feelings, especially from people who are very keen on real estate. Every international investor you know about is jostling for a share of the former hotspot of the bloodbaths of modern Europe because people just discovered the golden coasts that been forgotten for years on end. After the years of war and destruction, reconstruction has begun in earnest and the focal point seems to be the Adriatic coast. There are all manner of developments already taking place and foreign investors are falling over themselves to build up the coastal are and right now it is littered with industrial investments and holiday resorts of the highest standards you can ever imagine.

What seems to have awakened the great interest may be the fact the several celebrities have toured the Adriatic sea coasts of the former Yugoslavia not just as tourists, but they have ended up buying a piece of the cake and you will be in for a surprise if you found who has property in this lovely coast. From film stars to rally champions and all the rest you can mention, the destination is the Adriatic Sea coast and Montenegro is real hot spot currently. You know what follows when famous people invade a place, the prices of property begin sky rocketing and this is what is happening in Montenegro right now. The ordinary Joe will be hard pressed to manage anything at this time. What with prices rising by up to 40% in just one year.

One of the hottest spots in Montenegro where the high and mighty are settling is known as Kotorska Bay, which is a scenic are that has mountains overlooking three sizeable bays and because of space and height limitations, the developments here are not allowed to go more than three storey high. The one thing that has also catapulted the developmental status of this enclave is the recognition by UNESCO to make it a world heritage site. The sandy beaches are always full of people and the cost of property is just not what you would expect of an area with history like this one.

And for those who would love to acquire built up properties, there is no shortage of apartments that have been put up overlooking the sea, where you stay as you enjoy the cool breeze of the evening. All that was lacking due to the bad history that the area went through just a few years ago, moneyed investors and developers are bridging the gap with so much zeal. The good news is that real estate lovers are not letting them down, seizing every available piece of lane or built up apartments.

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Shopping the Beachfront in Croatia

Have you noticed the turning fad to buy foreign vacation property is booming once again? One of the premiere hotspots is the Adriatic coastline of Croatia. If you have not checked out the realtor sites or the available properties then you should at least view some general pictures of this outstanding coast. It is absolutely beautiful and if the available prices are with in your ballpark it is a treat you cannot afford to miss. Not only is this Mediterranean country an interesting as well as beautiful vacation spectacular but the investment potential of owning real estate for personal or business ventures is looking to be very promising.

One may wonder why this magnificent country had not been available until recently. In the late 90’s, once the war had ended and the communistic government had fallen it became more open to foreign land purchases. The property was fairly inexpensive yet several down falls kept most investors at bay. Buying property could take almost 5 years to finalize the excruciating processes. Problems with original ownership ensued because of the original owners such as Serbs had left many properties abandoned after the war. These giving great grievances to those buying from faulty owners who had assumed residence and later tried to sale. The government now though is going to great lengths to make these land values more available.

Not only is the coastline of Croatia amazing but there are also 700 some plus outlying islands. Not all of these are available for sale, as some 300 plus are already owned under private sanctions. Many of Hollywood’s elite have snatched some of these islands already, giving the beautiful Islands and Croatian Coast a glitz of paradise. Many like to follow the trends of Hollywood only adding to the increasing value of this amazing country. Some areas such as the popular city of Dubrovnik are unavailable, in which you would be hard pressed to find properties. This area began soaring in popularity in 2000 and prices have been increasing every since.

However many of the remaining areas are still offering several available properties and lands for sale. The islands of course are made available first to the Croatian government for sanction or resale, so owning your own Mediterranean island may not be impossible but prospects are thinner than to purchase private properties from owners. Current property owners have the rights to sale to whom ever they enter into contract.

While researching your new vacation prospects, include that the Croatian country is soon to be joining the European Union and has been in process since it has been invited in 2005. This may change or alter the market and land availability, which in turn may also drive property prices sky high. If the opportunity presents itself to become a Croatian landowner, investor or vacationer, then it is best you seize the day.

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